Gold Trend 06/07
The gold market was relatively quiet yesterday with the US had the Monday off. The price was trading below 1790 early in the Asian session. Once the gold price broke the resistance at 1790(1), the range has moved up to 1790-95 for the remainder of the day. The market ended at 1791, up slightly by USD4.
Gold has already crossed yesterday's high of 1794(2) in the Asian session today. Currently, it is testing the resistance at 1800; if it breaks 1800, the next target will be near 1805-10; on the other hand, if the price escapes the S-T uptrend channel(3), the support will be near 1787-90 to the downside.
As mentioned before, it is a sign of bull as the price closed above 1782 the day before. The price finally broke the 100 days MA(4) this morning, the upcoming resistance will be the 20 days Ma(5) for now.
The break of 1800 will be the key move to realize the medium/long-term trend(6).
S-T Resistance:
1810
1805
1800
Market price: 1798
S-T Supports:
1794-5
1790
1787
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P. To
Gold has already crossed yesterday's high of 1794(2) in the Asian session today. Currently, it is testing the resistance at 1800; if it breaks 1800, the next target will be near 1805-10; on the other hand, if the price escapes the S-T uptrend channel(3), the support will be near 1787-90 to the downside.
As mentioned before, it is a sign of bull as the price closed above 1782 the day before. The price finally broke the 100 days MA(4) this morning, the upcoming resistance will be the 20 days Ma(5) for now.
The break of 1800 will be the key move to realize the medium/long-term trend(6).
S-T Resistance:
1810
1805
1800
Market price: 1798
S-T Supports:
1794-5
1790
1787
If you like our analysis, please give our team a thumbs up. Thank you! Welcome to leave a message for exchange.
P. To
P. To @ 1uptick Analytics
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